Data creation platform company Walr has introduced a fictitious action plan for employeesor shadow options scheme, for its 70 employees.
This system is intended for all employees, regardless of their seniority, and will allow them to participate in the future success of the company in the form of financial rewardby simulating shareholding.
A phantom stock plan awards the employee a unit measured by the value of one common share of a company, but does not confer equity ownership in the company.
Upon joining the company, which will retrospectively offer parallel options to workers who have already started, all staff will receive a number of options. If they decide to leave in the future, a prime will be paid based on the value of the options at that time.
Employees can also choose to receive future bonuses in cash or in the form of phantom options of equivalent value based on the value of the company at the time of the new issue. This allows those who would prefer the bonus to receive it immediately, while others who wish to invest in the company’s journey can wait and be rewarded in the future.
According to the company, the launch of the plan demonstrates its commitment to two of its core values - “Allowed to Act Like Owners” and “Celebrate as a Team”.
Patrick Fraser, Managing Director of Walr, said, “We wanted a program that aligned with our values and made all employees feel part of the team, propelling the company forward. If the company grows, the value of employee options increases. If we succeed, we all benefit together. This is absolutely fundamental for Walr.
Walr recently received Great Place to Work accreditation, a certification based on anonymous employee experience surveys.